If you start Wowza in stand-alone mode [install-dir]/bin/startup.bat|startup.sh, you can view the server activity in the console. This provides a detailed view of the server activity.
Also, you can extend the logging and add custom fields with the ILogNotify interface. you will find the documentation for this interface in the
WowzaMediaServer_ServerSideAPI.pdf round in the Documentation folder that ships with Wowza.